Good morning and very happy Monday
An old friend calls days like this “chamber of commerce days” it’s just beautiful here today. After so many days of rainy weather, the sun is shining on us. Here’s hoping it’s shining on you too.
Again, the market staved off an attempt to try the lows around 115.00 in July and so far, has been able to hold. Good trade based buying when the market gets there and last week there was reported good option based support thought to be coming from a roaster, or two. The C is also being supported by a stronger dollar and good macro based news, with oil going to recent highs and then extending them, other commodities are thought to be benefiting. Also, supportive to higher prices, interest rates continue to inch higher, expected to bring at least some inflation to the USA. 115 to 125 seems to be the range for the moment? Another friend used to embrace the old saw “the trend is your friend”.
Physicals quiet, mostly trading very nearby, spot,afloats for fill in, or much further outs. Brazil becomes interested in trading new crop positions and will listen if you have some ideas, Peru is also interested to talk about their coming crop. Colombia has been struggling trying to find buyers at slightly increased diffs. Some smaller exporters there will discount for quick shipment lots, and Centrals are mostly quiet having sold most of the quality coffees.
We have a fresh lot of Excelso literally just in the warehouse, coffee is from a smaller shipper in Cauca. Our Mandhelings start the long trek to NY and should be here on/about June 25. Specialty stocks of Tarrazu, Antigua and Yirgacheffe 2 are now in Continental, yay!
Oh, I almost forgot. I added a picture to the report this week. Something I saw at my local grocery store coffee aisle (Weis Markets). It’s attached to this follow up to the report and is a picture of them selling individual K-cups pods. As you can see they call it “Brew a few” and you can select individual pods, at the bottom is a flat box you can place your pods in. 12 for $9.99.